Datathon: A first for Lloyd’s Data Lab and the LMA

Thu 23 Jun 2016

On Monday 20 June Lloyd’s Data Lab welcomed 50 data scientists, actuaries, business analysts and senior executives from across the Lloyd’s insurance market to the very first Datathon, which was organised by the Corporation in association with the LMA

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Hosted in the Old Library, eight teams worked together to ‘hack’ four business challenges, helped by members of the Data Lab and colleagues from Performance Management and Market Intelligence. Sponsors of the initiative including Inga Beale, CEO of Lloyd’s, Ken Curtis of the LMA, Shirine Khoury-Haq, Lloyd’s Director of Operations and Andrew Hitchcox of Tokio Marine Kiln were also in attendance.

Delegates worked in mixed teams, and had just three hours to come up with answers to the challenges. They mined existing Lloyd’s data sets, swapped tips, visualisation tools and other techniques to ‘see’ the data differently. Data specialists and executives from over 20 managing agents took part in the event, that ended with the universal food of a Hackathon – pizza – and informal networking.

Helen Crooks, Chief Data Officer of Lloyd’s said: “This was a small but very important step in really opening up the depth, breadth and quality of the data assets already available to the Lloyd’s market. They are hugely talented data specialists and we want to support them, in their daily work but also as a community of experts who deliver real competitive advantage to their firms.”

She added: “We want to really understand what Lloyd’s Data Lab can do to develop new resources, but also make what we have already easier to get at and use. Monday’s Datathon is really the beginning of this process of ‘doing and learning’ with and for our colleagues.”

Inga Beale, CEO of Lloyd’s commented: “World-class data sources and services are essential to Vision 2025, and so I was pleased to see such a positive response to the first Lloyd’s Datathon. We need to use data creatively and innovatively to complement the market’s specialist expertise, and I look forward to seeing Lloyd’s Data Lab develop this programme of active engagement with the market.”

The LMA’s Ken Curtis added: ”The LMA was delighted to support this initiative. It was fascinating to see the various approaches to the same business challenge, and the variety of tools and methods individuals brought to their teams.”

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